FILE PHOTO: A bitcoin logo is pictured on a door in an illustration picture taken at La Maison du Bitcoin in Paris May 27, 2015. REUTERS/Benoit Tessier/File Photo
NEW YORK (Reuters) - A U.S. bankruptcy judge on Tuesday approved Core Scientific's Chapter 11 restructuring, allowing the bitcoin mining company to cut $400 million in debt and emerge from bankruptcy by the end of January.
U.S. Bankruptcy Judge Christopher Lopez approved the company's bankruptcy plan at a court hearing in Houston, Texas, saying it "provides a tremendous recovery for both unsecured creditors and also equity holders," who usually fare poorly in bankruptcy.
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